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Perhaps in anticipation of better times ahead, retailers with improved sentiments returned to the CSE in large numbers yesterday, as the Bourse saw its value rise by Rs. 23 billion with over 10,000 trades done as opposed to July-month’s daily average of 4,000 plus. Most brokers and analysts said retailers made a strong comeback yesterday ...
Sri Lanka’s Divineguma backyard economic unit program has received a boost from an unexpected direction. Seychelles, which has the highest Human Development Index in Africa, wants to implement Divineguma model at its earliest, to kick-start its agricultural revival. “I want you to send a consultative Divineguma delegation team to Seychelles. I want to introduce the ...
DFCC Vardhana Bank (DVB) continues to uphold its status as one of Sri Lanka’s fastest growing banks. Fitch Ratings Lanka re-affirmed the bank’s National Long-Term Rating of AA-(lka) (Stable Outlook) with DVB’s subordinated debentures also rated at A+(lka). DVB has sustained this rating consistently over the past nine years. The company is 99.12% owned by ...
Existing non-executive director Umesh Gautam has been proposed as the new Chairman of SMB Leasing Plc. The move, subject to Central Bank approval, follows T. Someswaran deciding to step down as the Chairman. Gautam is attached to Ashok Leyland India as its SAARC Region Head representing Ashok Leyland India in the joint venture Lanka Ashok ...
ICAN Awards 2012 – The power of providing employment to people with disabilities By Rashika Fazali “People with disabilities can be productive too,” said CEI Plastics Executive Director Anura Dole at the Inclusion Created Accessible Nations (ICAN) Awards Ceremony 2012 held at the BMICH on 24 August. The Sri Lanka Foundation for the Rehabilitation ...
A historic battle took place in the Kande Uda Rata Rajadhaniya, in the course of one of the many invasions by the Western colonial powers who once occupied what was known as the Maritime Provinces of Lanka, at the site of the ford at Wagolla village, a crossing point of the Mahaweli river on one ...
andlsquo;Haritha Kedalleandrsquo;, Hatton National Bank Nittambuwa branch building was presented andlsquo;Silver Flameandrsquo; Award at the andlsquo;Sri Lanka National Energy Efficiency Awardsandrsquo; held on 19 August at the Colombo Hilton.
Foreigners most bullish with net buying up 20% or Rs. 5 b; Market’s value up by Rs. 48 b between 20 July and 24 Aug. Despite original reservations by some that President Mahinda Rajapaksa shouldn’t have met with capital market stakeholders, the Colombo stock market has proved otherwise, with the most bullish being foreign investors. ...
Given first half performance, believes several 2012 Roadmap targets will be missed UNP MP and its chief spokesman on the economy Dr. Harsha de Silva yesterday claimed that most of the Central Bank’s 2012 Roadmap targets were likely to be missed, based on below par performance on the external trade front during the first half. ...
MBSL Savings Bank, a subsidiary of Merchant Bank of Sri Lanka (MBSL) continued its burst of expansion activity with the bank’s relocation of its Extension Office at No. 262/2A High Level Road, Kottawa. The new extension office which opened for business consolidates its banking and loans into the new full service office. Having welcomed the ...
A unique new savings account with exclusive benefits for women has been launched by Commercial Bank of Ceylon in recognition of the fact that women are shouldering an increasing number of responsibilities while heading more and more Sri Lankan households, resulting in the economically active female population in Sri Lanka undergoing rapid growth. Branded ‘Anagi’ ...
The second quarterly draw of the Nations Trust Bank Nations Saver Promotion was held recently in the presence of an official from the Western Provincial Council. The second quarterly draw to pick 294 winners across the branch network was held at the Nations Trust Bank head office at Union Place recently. From left: NTB ...
By Shanuka Tissera Leading bankers were given the opportunity to discuss the method of approvals of OPIC funding and political risk insurance, facilitated by the International Executive Service Corps (IESC) and the American Chamber of Commerce Sri Lanka (AMCHAM) for US equity sponsored projects. The keynote address was delivered by the Governor of the Central ...
Sri Lanka’s foremost motor racing team EZY Racing set about creating yet another historical moment in Sri Lankan motor racing when they announced their newest partnership with Speed Drome, to introduce the EZY Racing Kart Fighters, a Pro-Karting Challenge designed to attract new and younger drivers to motor racing. This spectacular event, which is scheduled ...
Unilever – Pears, the most trusted baby toiletries brand in the country with a history of more than 50 years of caring for the nation’s infants and young kids, is offering the parents a golden opportunity to make their children millionaires by the time they reach the age of 18 years. Introduced as a Consumer ...
Having infused technology awareness to the tune of US$ 120,000 (Rs. 15 million) to its crucial SMEs so far, Sri Lanka is moving to introduce automation to the sector – while also paying tribute to their contribution. “The need of the hour for our SMEs is technology transfer and the Ministry of Industry and Commerce ...
Seychelles President Seychelles President James Alix Michel concludes a historic state visit to Sri Lanka heralding a new chapter in Seychelles-Sri Lanka relations in pursuit of common endeavours towards strengthening closer friendship and economic cooperation between the two countries in a variety of fields, with enormous benefits for the two countries and their peoples. President ...
The resignation of Tilak Karunaratne as the Chairman of the Securities and Exchange Commission (SEC) has been accepted whilst a successor will be named next week, Finance Ministry Secretary Dr. P.B. Jayasundera said. The confirmation by the Treasury Secretary ends week-long uncertainty whether the SEC Chief’s quit notice would be accepted or not, even though ...
Haritha Kedalle, Hatton National Bank (HNB) Nittambuwa branch building was presented Silver Flame Award at the Sri Lanka National Energy Efficiency Awards held on 19 August at Colombo Hilton. The event was conducted by the Sri Lanka Sustainable Energy Authority of Ministry of Power and Energy. It is the apex institution for the energy management ...
Good governance activist and former Ceylon Chamber of Commerce Chairman Chandra Jayaratne has called for an Ethics Guide for Public Service. This suggestion has been shared with several professional organisations such as the Organisation of Professional Associations, Sri Lanka Economic Association, the Institute of Chartered Accountants of Sri Lanka, Ceylon Chamber of Commerce, and Bankers ...
A unique new savings account with exclusive benefits for women has been launched by Commercial Bank of Ceylon, in recognition of the fact that women are shouldering an increasing number of responsibilities while heading more and more Sri Lankan households, resulting in the economically active female population in Sri Lanka undergoing rapid growth.
National Asset Management Limited, Sri Lankaandrsquo;s pioneering Unit Trust Company, moved in to a new head office premises on 3 August 2012.andnbsp; The new NAMAL head office is now located at the Union Bank building at 64 Galle Road Colombo 3.
In June Sri Lanka recorded the lowest-ever trade deficit, since February 2011, which according to the Central Bank had narrowed to approximately Rs 87.5 billion or US$ 663 million.
Sri Lanka’s trade gap for the first half of the year 2012 widened 11.8 percent Yearon-Year to US $ 4.7 billion, a statement released by the Central Bank noted.
The Central Bank said yesterday inflows to the services account of the balance of payments remain buoyant despite challenging conditions. It said earnings from tourism in June 2012 grew by 20.6%, year-on-year, to $ 63 million, while during the first six months of 2012, earnings from tourism have grown at a robust rate of 24.3%, ...
CB says recent policies have curbed imports The country’s trade deficit in June dipped to a 16-month low, aided by policies adopted by the Central Bank and the Government earlier in the year. The trade deficit in June amounted to $ 663 million, as against $ 848 million a year ago and $ 942 million ...
Fitch Ratings Lanka said yesterday it has revised Sampath Bank PLC’s (SB) Outlook to Stable from Positive. Its National Long-Term rating has been affirmed at ‘AA-(lka)’. Fitch has also affirmed SB’s subordinated debentures at ‘A+(lka)’. The Outlook revision reflects the weaker-than-expected build-up of SB’s core capitalisation relative to higher rated peer...
The MAS Holdings, Deutsche Bank and Dialog Summer Internship Program concluded on the 15 August 2012 at the Dialog Future World Academy. Students from the 2012 internship batch made presentations to the Boards of the three companies which included Deshamanya Mahesh Amalean (Chairman – MAS Holdings), Rohan Rodrigo (Country Head – Deutsche Bank) and Dr. ...
The 21st Annual General Meeting of the Industrial Association of Sri Lanka (IASL) was held on 16 August 2012 at the Cinnamon Lakeside Colombo. The Industrial Association of Sri Lanka (IASL) is the Apex body under the aegis of The Ceylon Chamber of Commerce which represents industrial and manufacturing interests in Sri Lanka. The Association ...
DFCC Vardhana Bank PLC (DVB)’s interim financial results for six months ended 30 June 2012, reflecting strong overall growth in both gross income and net earnings. A commercial banking subsidiary company of DFCC Bank, DVB’s unaudited interim financial results indicated a total income of Rs. 3,261 million on fund-based and fee-based activities. The bank recorded ...